Ingredients manufacturer Tate & Lyle reported net debt to be around £34m higher than expected, as group profit sank “modestly” in its year to 31 March. 

Trading in the fourth quarter produced no change from the trading statement guidance released on 6 February. The statement said group adjusted profit before tax is expected to be slightly below the range stated in September of £230m to £245m.

It said group operating profit had been held back by the operational and supply chain issues experienced in the first half and the competitive market for Splenda Sucralose.

Net debt at 31 March is expected to be £500m, up from the expected £466m in December, which it put down to investment.

Planning for orchestrating better returns from Splenda Sucralose are under way, to be finalised this month and announced in the next few weeks.

Full year results will be announced on 28 May.